Inventory Management
Inventory levels depend on many factors, including variable demand, delivery lead time, the supply chain network, service levels etc. Trying to manage these variables independently is a ‘no win’ situation.
This course will provide the key to successful inventory management, by combining practical inventory control techniques with sound procurement practice, to produce a solid foundation to enable your supply chain to meet customer expectations at the lowest possible cost.
Who is the programme for?
- Warehouse managers
- Stock controllers
- Operations managers
- Inventory managers
- Supply chain professionals
- Material managers
- Procurement managers
- Demand management professionals
Participants will learn how to:
- Understand the role of inventory in an effective supply chain.
- Understand categories of stock and how to tailor stockholdings.
- Learn how to utilise key concepts, variables and metrics that allow for effective management of inventory.
- Understand how product demand and product lifecycle are connected to inventory management.
Course topics include:
- Demand Characteristics and the Product Life Cycle
- Push and pull systems
- Demand forecasting
- Categorisation of stock
- ABC Analysis
- Economic order quantity and minimum order quantity
- Safety stock and stock cover
- Materials requirements planning (MRP)
- Stock replenishment systems
- The cost of managing stock
